Question :
68. The inventory data for an item for November are:
Nov. 1
Inventory
: 1227202
68. The inventory data for an item for November are:
Nov. 1
Inventory
20 units at $19
4
Sold
10 units
10
Purchased
30 units at $20
17
Sold
20 units
30
Purchased
10 units at $21
Using a perpetual system, what is the cost of the merchandise sold for November if the company uses FIFO? A. $610B. $600C. $590D. $580
69. Use the following information to answer the following questions.The Boxwood Company sells blankets for $60 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1.
Date
Product Z
Units
Cost
May 3
Purchase
5
$30
May 10
Sale
3
May 17
Purchase
10
$34
May 20
Sale
6
May 23
Sale
3
May 30
Purchase
10
$40
Assuming that the company uses the perpetual inventory system, determine the cost of merchandise sold for the sale of May 20 using the LIFO inventory cost method. A. $196B. $204C. $240D. $124
70. Use the following information to answer the following questions.The Boxwood Company sells blankets for $60 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1.
Date
Product Z
Units
Cost
May 3
Purchase
5
$30
May 10
Sale
3
May 17
Purchase
10
$34
May 20
Sale
6
May 23
Sale
3
May 30
Purchase
10
$40
Assuming that the company uses the perpetual inventory system, determine the cost of merchandise sold for the sale of May 20 using the FIFO inventory cost method. A. $250B. $180C. $196D. $204
71. Use the following information to answer the following questions.The Boxwood Company sells blankets for $60 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1.
Date
Product Z
Units
Cost
May 3
Purchase
5
$30
May 10
Sale
3
May 17
Purchase
10
$34
May 20
Sale
6
May 23
Sale
3
May 30
Purchase
10
$40
Assuming that the company uses the perpetual inventory system, determine the ending inventory value for the month of May using the FIFO inventory cost method. A. $494B. $502C. $422D. $520
72. Use the following information to answer the following questions.The Boxwood Company sells blankets for $60 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1.
Date
Product Z
Units
Cost
May 3
Purchase
5
$30
May 10
Sale
3
May 17
Purchase
10
$34
May 20
Sale
6
May 23
Sale
3
May 30
Purchase
10
$40
Assuming that the company uses the perpetual inventory system, determine the gross profit for the sale of May 23 using the FIFO inventory cost method. A. $78B. $90C. $102D. $180
73. Use the following information to answer the following questions.The Boxwood Company sells blankets for $60 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1.
Date
Product Z
Units
Cost
May 3
Purchase
5
$30
May 10
Sale
3
May 17
Purchase
10
$34
May 20
Sale
6
May 23
Sale
3
May 30
Purchase
10
$40
Assuming that the company uses the perpetual inventory system, determine the ending inventory for the month of May using the LIFO inventory cost method. A. $422B. $502C. $520D. $494
74. Use the following information to answer the following questions.The Boxwood Company sells blankets for $60 each. The following was taken from the inventory records during May. The company had no beginning inventory on May 1.
Date
Product Z
Units
Cost
May 3
Purchase
5
$30
May 10
Sale
3
May 17
Purchase
10
$34
May 20
Sale
6
May 23
Sale
3
May 30
Purchase
10
$40
Assuming that the company uses the perpetual inventory system, determine the Gross Profit for the month of May using the LIFO cost method. A. $396B. $332C. $324D. $494
75. The following units of an inventory item were available for sale during the year:
Beginning inventory
10 units at $50
First purchase
25 units at $55
Second purchase
30 units at $60
Third purchase
15 units at $65
The firm uses the periodic inventory system. During the year, 60 units of the item were sold. The value of ending inventory using FIFO is: A. $1,250B. $1,150C. $1,275D. $1,050
76. The following units of an inventory item were available for sale during the year:
Beginning inventory
10 units at $50
First purchase
25 units at $55
Second purchase
30 units at $60
Third purchase
15 units at $65
The firm uses the periodic inventory system. During the year, 60 units of the item were sold. The value of ending inventory using LIFO is: A. $1,250B. $1,150C. $1,275D. $1,050
77. The following units of an inventory item were available for sale during the year:
Beginning inventory
10 units at $50
First purchase
25 units at $55
Second purchase
30 units at $60
Third purchase
15 units at $65
The firm uses the periodic inventory system. During the year, 60 units of the item were sold. The value of ending inventory using average cost is: A. $1,252B. $1,163C. $1,275D. $1,050